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First Busey Corp (BUSE) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

First Busey Corp

CIK: 314489 Ticker: BUSE

January 30, 2018
First Busey Announces 2017 Fourth Quarter Earnings

Champaign, IL – (Nasdaq: BUSE)

Message from our President & CEO


Positive advances in the fourth quarter of 2017 from the comparable quarter of the prior year:
 
 ●  End of year total assets of $7.9 billion
●  Net income of $12.3 million ($0.25 per diluted common share)
●  Adjusted net income1 of $22.5 million ($0.46 per diluted common share)
●  Net interest income of $63.0 million, an increase of 41.3%
●  End of period portfolio loans at $5.520 billion, an increase of 42.3%
●  End of period non-interest bearing deposits at $1.597 billion, an increase of 40.8%

Other significant highlights:
 
●  Completed acquisition of Mid Illinois Bancorp on October 1, 2017
●  Declared January 2018 dividend of $0.20, an increase of 11.1% from prior quarter

First Busey Corporation (the "Company") today reported fourth quarter 2017 net income of $12.3 million, or $0.25 per diluted common share compared to net income of $11.5 million, or $0.30 per diluted common share for the fourth quarter of 2016.  Adjusted net income1 for the fourth quarter of 2017 was $22.5 million, or $0.46 per diluted common share. Return on average assets based on adjusted net income1 was 1.17% and return on adjusted average tangible common equity based on adjusted net income1 was 14.35% for the fourth quarter of 2017.  Net income was impacted primarily by a one-time, non-cash charge of $8.1 million in the fourth quarter of 2017, or $0.16 per diluted common share for the quarter, due to the revaluation of the Company's net deferred tax position following the enactment of the Tax Cuts and Jobs Act (the "TCJA").

For the full year, the Company reported net income of $62.7 million, or $1.45 per diluted common share compared to net income of $49.7 million, or $1.40 per diluted common share for the year ended December 31, 2016.  Adjusted net income1 for 2017 was $75.7 million, or $1.75 per diluted common share.  Return on average assets based on adjusted net income1 was 1.20% for the year 2017.  In addition to the Company's organic growth, the 2017 results benefitted from the acquisition of First Community Financial Partners, Inc. ("First Community"), since the closing of the transaction on July 2, 2017 and Mid Illinois Bancorp, Inc. ("Mid Illinois") since the closing of the transaction on October 1, 2017.

The Company views certain non-operating items including, but not limited to, acquisition and restructuring charges as well as the tax adjustment related to the TCJA, as adjustments to net income.  Non-operating adjustments for the fourth quarter of 2017 include $3.0 million of pre-tax acquisition costs related to First Community and Mid Illinois; $0.5 million in pre-tax other restructuring costs, and $8.1 million related to the revaluation of the Company's net deferred tax position as a result of TCJA.  The reconciliation of non-GAAP measures (including adjusted net income, adjusted efficiency ratio, adjusted return on assets ("ROA"), tangible book value and tangible book value per share), which the Company believes facilitates the assessment of its banking operations and peer comparability, is included in tabular form at the end of this release.

On October 1, 2017, the Company completed its acquisition of Mid Illinois headquartered in Peoria, Illinois.  Upon acquisition, the Company paid $40.5 million and issued 3,115,503 shares to Mid Illinois stockholders.  At the date of the acquisition, Mid Illinois' total assets were $657.5 million, including loans of $370.0 million and total deposits of $505.6 million. It is anticipated that South Side Trust & Savings Bank of Peoria ("South Side"), a wholly-owned bank subsidiary of Mid Illinois prior to the acquisition, will be merged with and into Busey Bank in the first quarter of 2018.


1 Adjusted net income, a non-GAAP financial measure, see non-GAAP financial Information below for reconciliation
 

 

The following information was filed by First Busey Corp (BUSE) on Tuesday, January 30, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside First Busey Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Borrowings
Borrowings (tables)
Borrowings - Long-term Debt (details)
Borrowings - Maturity Period (details)
Borrowings - Securities Sold Under Agreements To Repurchase And Short-term Borrowings (details)
Borrowings - Senior Notes And Subordinate Notes (details)
Borrowings - Short-term Borrowings (details)
Capital
Capital (tables)
Capital - Redemption Of Preferred Stock (details)
Capital - Regulatory Capital (details)
Cash And Cash Equivalents
Cash And Cash Equivalents (details)
Deposits
Deposits (details)
Deposits (tables)
Derivative Financial Instruments
Derivative Financial Instruments (details)
Derivative Financial Instruments (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Quantitative Information (details)
Fair Value Measurements - By Level Of Valuation Inputs (details)
Fair Value Measurements - General Disclosures (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Amortized Assets (details)
Goodwill And Other Intangible Assets - Estimated Amortization Expense (details)
Goodwill And Other Intangible Assets - Goodwill (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Junior Subordinated Debt Owed To Unconsolidated Trusts
Junior Subordinated Debt Owed To Unconsolidated Trusts (details)
Liability For Loans Sold
Liability For Loans Sold (details)
Loans Held For Sale
Loans Held For Sale (details)
Loans Held For Sale (tables)
Mortgage Loan Servicing
Mortgage Loan Servicing (details)
Mortgage Loan Servicing (tables)
Operating Segments And Related Information
Operating Segments And Related Information (details)
Operating Segments And Related Information (tables)
Oreo
Oreo (details)
Oreo (tables)
Outstanding Commitments And Contingent Liabilities
Outstanding Commitments And Contingent Liabilities (details)
Outstanding Commitments And Contingent Liabilities (tables)
Parent Company Only Financial Information
Parent Company Only Financial Information (tables)
Parent Company Only Financial Information - Balance Sheets (details)
Parent Company Only Financial Information - Statements Of Cash Flows (details)
Parent Company Only Financial Information - Statements Of Income (details)
Portfolio Loans
Portfolio Loans (tables)
Portfolio Loans - Adverse Loan Grading (details)
Portfolio Loans - Allowance For Loan Loss (details)
Portfolio Loans - Distributions Of Loans (details)
Portfolio Loans - Impaired Loans (details)
Portfolio Loans - Past Due Loans (details)
Portfolio Loans - Risk Grading (details)
Premises And Equipment, Net
Premises And Equipment, Net (details)
Premises And Equipment, Net (tables)
Securities
Securities (tables)
Securities - General Disclosures (details)
Securities - Obligations By State (details)
Share-based Compensation
Share-based Compensation (details)
Share-based Compensation (tables)
Share-based Compensation - Award Status (details)
Share-based Compensation - Options Outstanding (details)
Share-based Compensation - Restricted And Deferred Stock Units (details)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Earnings Per Share (details)
Significant Accounting Policies - Narrative (details)
Transactions With Related Parties
Transactions With Related Parties (details)
Transactions With Related Parties (tables)
Unaudited Interim Financial Data
Unaudited Interim Financial Data (details)
Unaudited Interim Financial Data (tables)
Ticker: BUSE
CIK: 314489
Form Type: 10-K Annual Report
Accession Number: 0001104659-18-013443
Submitted to the SEC: Wed Feb 28 2018 4:18:14 PM EST
Accepted by the SEC: Wed Feb 28 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks

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